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As the project matures, the risks change. Anticipated risks may disappear while new ones emerge. Therefore, the Project Manager must continually look for new risks, reassess old ones and re-evaluate risk mitigation actions.
 More specifically, the purpose of risk monitoring is to:
| ● | Determine if identified risks have occurred and risks responses have been implemented as planned |
| ● | Evaluate if the planned risk response actions were as effective as expected and so estimate if new actions should be developed |
| ● | Examine if some of the initial identified risks are no longer valid |
| ● | Identify if the risk probabilities have changed; the expected level of impact is different or the date of impact may be sooner or later than the original anticipated |
| ● | Make sure that the preventive/ contingency actions planned to be performed still make sense in the context of the latest project developments and that these actions are assigned to the appropriate in terms of skills and position, project team members |
| ● | Determine if risk exposure has changed from its prior state and then analyze the new trends |
| ● | Identify if new risks that were not previously identified have arisen or even worse occurred |
 In order to perform successfully risk monitoring the Project Manager should regularly perform formal project risk reviews and risk response audits and then update the Risk Log (refer to Annex 1-6).
In project risk reviews the whole Project Team should be involved since every team member has his own expertise and knowledge raised via his participation at the implementation or management of specific tasks and activities. All the risk review findings (changes to risks prioritization, risk disappear, new risks, actions taken etc) should be registered in the Risk Log thus updating it.
The risk response audits examine the effectiveness of the risk response in avoiding or mitigating risk occurrence. Implementation of risk control actions may not eliminate the identified risks but reduce their impact or probability. In this case all the risks must be reassessed so that the new most important risks be identified and prioritized to be controlled.
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